Employment Tax
Argentina | 2024 employment tax updates
Summary
There has been a number of employment tax updates announced in recent weeks. The attached bulletin summarises the key changes that have been announced.
The Detail
1) Tax return deadlines:
2) Reform on tax on Purchases of Foreign Currency, of certain services abroad and on purchased abroad with credit cards (General Resolution N° 5463 and N° 5465)
The Argentine government issued reforms that reduced tax from 100% to 30% on the purchase of FX currency and payments of expenses incurred abroad with credit cards issued in Argentina. Impacting transactions from December 13, the new measure also reduces tax on the purchase of flight tickets to foreign countries and hotels abroad, as well as purchases with credit cards abroad. The tax charged on credit cards based on modified tax rates, will be a tax credit for income tax purposes in the fiscal year in which the tax was withheld. The withholding can be through a local payroll or in the annual tax return, as the case may be.
3) Personal Asset Tax withholdings on purchases abroad in foreign currency with credit cards (General Resolution N° 5463)
The government has reduced withholding tax from 25% to 0% for transactions starting December 13.
4) Confirmation on the procedure of the new cedular income tax
Regulatory Decree for law N° 27.725 issued on October 6th, 2023 is still pending. However through the tax authority (AFIP) website, AFIP explained the procedure to calculate and withhold the income tax for individuals whose salary is higher than 15 minimum vital and mobile wages (currently AR$ 2.340.000) and that are not directors.
5) Extension of trial period for new joiners (Decree 70/2023):
Trial period extended to 8 months (before it was 3 months). A judicial precautionary measure has been issued for the Decree so It is not yet in force.
6) Severance upon dismissal (Decree 70/2023)
The Decree introduced changes on how to calculate the severance. A judicial precautionary measure has been issued for the Decree so it is not yet in force.
Contact us
For a deeper discussion on the above, please reach out to your Vialto Partners point of contact, or alternatively:
Javier Fernandez Biondi
Senior Manager
Lilian Andrea Falcon
Director
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Further information on Vialto Partners can be found here: www.vialtopartners.com
Vialto Partners (“Vialto”) refers to wholly owned subsidiaries of CD&R Galaxy UK OpCo Limited as well as the other members of the Vialto Partners global network. The information contained in this document is for general guidance on matters of interest only. Vialto is not responsible for any errors or omissions, or for the results obtained from the use of this information. All information is provided “as is”, with no guarantee of completeness, accuracy, timeliness or of the results obtained from the use of this information, and without warranty of any kind, express or implied, including, but not limited to warranties of performance, merchantability and fitness for a particular purpose. In no event will Vialto, its related entities, or the agents or employees thereof be liable to you or anyone else for any decision made or action taken in reliance on the information in this document or for any consequential, special or similar damages, even if advised of the possibility of such damages.
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